research
＜Working Paper＞
"Discriminatory versus uniform auction: Evidence from JGB market"(with Shogo Takahashi), revision requested from Journal of Money, Credit and Banking
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3670701
"Information Rigidity and Elastic Attention: Evidence from Japan" (with Cheng Chen, Yulei Luo), revision requested from Journal of Money, Credit and Banking
http://www.crepe.e.u-tokyo.ac.jp/results/2021/CREPEDP96.pdf
Population Growth and Employment Protection (with Chen Cheng)
REIT Equity Financing and Capital Investment in the Presence of the Central Bank Put（with Jiro Yoshida）
Irreversible Investment and Incomplete Information（with Johathan Adam, Cheng Chen, Min Fang, and Eugenio Rojas）
＜Work in progress＞
Labor Market Flexibility, Knowledge Flows, and Growth: Evidence from Japan (with Santiago Caicedo, Chen Cheng and Aspen Gorry)
＜Published Paper（Refereed Journal）＞
"Reserves and Risk: Evidence from China" (with Rasmus Fatum, Yohei Yamamoto) Journal of International Money and Finance forthcoming.
"Yield Curve Control" (with Jiro Yoshida, 2023) International Journal of Central Banking Link.
"The premium and settlement of CCPs during the financial crisis: Evidence from the JGB market"(2023) Journal of International Money and Finance 102774.
"The Impact of Bank of Japan’s Exchange-Traded Fund Purchases" (with Jiro Yoshida, 2023) Journal of Financial Stability 101102.
"Does swap-covered interest parity hold in long-term capital markets after the financial crisis?" (2022) International Review of Economics and Finance 79, 224-240.
"Information content and market liquidity in the fixed income market: Evidence from the swaption market" (2021) Finance Research Letters 102117.
"Noise as a liquidity measure: Evidence from the JGB market" (2021) Pacific-Basin Finance Journal 101515.
"Did the Introduction of Bitcoin Futures Crash the Bitcoin Market at the End of 2017?" (with Ryo Ishida, 2020) North American Journal of Economics and Finance 101322.
"The relationship between arbitrage in futures and spot markets and Bitcoin price movements: Evidence from the Bitcoin markets" (with Ryo Ishida, 2020) Journal of Futures Markets 41(1), 105-114.
"The impact of quantitative and qualitative easing with yield curve control on the term structure of interest rates: Evidence from micro-level data" (2020) Economics Letters 109347. Link
"A Forecast Comparison of Volatility Models using Realized Volatility: Evidence from the Bitcoin market" (2019) Applied Economics Letters 27(7).
"Do Liquidity Enhancement Auctions improve the Market Liquidity in the JGB market?" (2019) Economics Letters 183,108516. Link
"J-Liquidity Measure: The Term Structure of the Liquidity Premium in Japan" (2019) Japan and the World Economy 49, 61-72.
"Decomposing Japanese Municipal Bond Spreads: An Analysis of the Impact of Crises" (2018) Journal of Asian Economics 59, 16-28.
"The Predictive Power of the Implied Volatility of Interest Rates: Evidence from USD, EUR, and JPY Swaption" (2017) The Journal of Fixed Income 27(1), 67-76.
"An Endeavor to Estimate Seigniorage Before the End of and Immediately After the Pacific War" （with Kazumasa Oguro, 2016) Journal of The Japanese and International Economies 41, 1-16.
＜Handbook＞
"The Bank of Japan as a Real Estate Tycoon: Large-Scale REIT Purchases" (with Jiro Yoshida, 2020) Handbook of Real Estate and Macroeconomics, forthcoming